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Difficulties Getting a Mortgage in Birmingham

Specialist Mortgage Advice in Birmingham

We often find that there are a lot of questions within the mortgage industry that crop up regularly with our Mortgage Advisors in Birmingham. So, we have compiled a list of some of the more popular subjects to ease customers worries:

The Impact of Childcare costs

Usually, there is no risk of getting turned down for a mortgage if you have childcare costs involved, as most people who Remortgage in Birmingham would tend to have had children after Moving Home for a bigger space.

When you submit a mortgage application, you will need to provide evidence of your income, as well as details of all your outgoings, such as your childcare costs and utility bills.

If your childcare costs are enormous, then this is likely to have an impact on the maximum amount you’ll be able to borrow.

When it comes to childcare costs, lenders affordability assessment varies. Meaning that your maximum borrowing capacity will differ from lender to lender, this is where a Mortgage Broker in Birmingham can help you.

Some lenders will also consider child benefits and other state benefits, sometimes squeezing up the maximum mortgage allowable.

Choosing us to help you in your mortgage journey, our Mortgage Advisors in Birmingham can search thousands of deals and find you the most suitable lender who is likely to take a more flexible approach to your circumstances.

Mortgage Advice following Divorce/Separation

Nobody takes out a mortgage with their partner only to end up separating further down the line, and the process can be pretty upsetting. Unfortunately, not everything works out, and you end up in this situation. You will need to sort out many things, mainly sorting out your financial situation.

Being linked with one another, you will need to remove that link and prove you can be financially independent, and this isn’t as easy as it sounds; removing your financial relations from others can be complicated.

As a Mortgage Broker in Birmingham, we’ve seen many different situations where a divorce or separation has impacted a mortgage. You need to prove to the lender that you are financially stable and can keep up all the repayments by yourself.

When people come to us for Specialist Mortgage Advice in Birmingham, here are usually the questions we receive regarding this topic:

  • How do I remove my ex-husband/wife from my mortgage?
  • How do I remove my name from my ex-partner’s mortgage?
  • Can I have two mortgages?

Just bear in mind that it’s all about the risk as far as lenders are concerned. They ideally look to avoid repossession situations at all costs.

We recommend you get in touch for Specialist Mortgage Advice in Birmingham. Please book your free mortgage appointment to speak with one of our fantastic mortgage team today.

Starting a New Job – Can I get a Mortgage?

Some lenders require you to have been at work continuously for a particular time, whereas others are more lenient with this.

If you are at the stage of starting a new job shortly, you may still be eligible to obtain a mortgage if you have a signed contract and job offer letter. Although it’s essential to remember that gaps in employment may be a problem with lenders – probationary periods are usually okay.

Proving your deposit

These days, Anti-Money Laundering precautions are pretty stringent. To abide by these precautions, all lenders will need you to evidence your deposit and where the money originated. Your lender, solicitor and the estate agent you are buying from may ask you for this too.

Cash is not acceptable. The bank will question any significant cash deposit, which could lead to a rejection of your application.

All of your deposit coming from a gift can be a regular occurrence and is possible. There needs to be written evidence from the person gifting you the money that it is a gift, not a loan.

Open and Honest Mortgage Advisors in Birmingham

As an experienced Mortgage Broker in Birmingham, we have lots of valuable experience, and we know what lenders are looking for in mortgage applicants.

They are constantly relying on credit scoring, which most high street lenders now do to save them time and money and produce consistent decisions.

If you find it challenging to match with lenders criteria, it could be the perfect time to speak to a Mortgage Broker in Birmingham, like us. We can talk you through some simple steps you can take to improve your chances of your mortgage application being successful.

Speaking to a Mortgage Advisor in Birmingham could get you a couple of steps closer to securing a mortgage deal. These steps can be straightforward to do. We will help you all of the ways through the mortgage process. Get in touch to speak to an expert Mortgage Advisor in Birmingham today.

Birminghammoneyman.com & Birminghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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